Canadians struggling financially expect to be worse off in a year: survey

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Worried about finances? So are nearly half of Canadians.

If money has been keeping you up at night, you’re definitely not the only one. A recent survey by non-profit Angus Reid Institute shows that 47% of Canadians are worse off this year than they were last year, with only 15% saying that they’re in a better financial position this year.

And the worst part? Many Canadians believe their situation is only going to get worse.

In all, 38% believe they’ll tread water, 31% believe their finances will deteriorate, and only 22% are optimistic that their situation will improve.

“For Canadians in poor financial straits, there is one issue above all else that they feel is the top one facing the country: inflation,” reads the report.

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With inflation rates that haven’t been seen since the ’80s, a total of 69% of Canadians don’t expect their fortunes to improve in the next 12 months.

And although inflation slowed in January to 5.9%, many feel the pinch at checkout aisles as food prices continue to rise.

According to the survey, inflation slowed in January to 5.9% year-over-year, but food continues to be expensive. In addition, inflation is three times as high as the 2% target set in the Bank of Canada’s mandate.

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Money is on everyone’s minds and it hasn’t left much room for other concerns — only 39% say they’re worried about healthcare and only 11% say they’re worried about the environment.

And it hasn’t affected all Canadians equally, with the report stating that lower-income households have it worse.

“Half of those living in households earning less than $100,000 say they are worse off now financially than they were at this time last year,” reads the report.

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The Angus Reid survey was conducted with a randomized sample of almost 5,000 Canadians in March 2023.